Bitcoin price punches through $12000 reaching new high

07 December 2017

The CEO of Nordea Bank called bitcoin a "joke" and an "absurd" construction earlier this week, while the head of Denmark's largest pension fund said the currency is "something we basically don't feel comfortable with". As the price of Bitcoin goes up, the regulators are racing to catch up with the impact is going to be in financial market.

This year has seen the cryptocurrency rise all the way from the $1,000 back in January, as it increasingly gains traction across mainstream markets. However, the low today was at around $11,560, which is basically nothing compared to the total increase day after day.

Bitcoin was trading at $15,098 at 08:20 GMT on Thursday, with the market value of the digital currency now exceeding $250 billion, according to data from CoinMarketCap.

According to Coinbase, the one-year change in bitcoin's value is +1421.64%, which means that the currency was worth around $800 last year. This upbeat and bullish run that the Bitcoin is experiencing is also helping lesser coin, or altcoins, to gain ample traction in the community. Upcoming trade in bitcoin futures may be boosting priceJust recently three bitcoin future exchanges were approved in the USA and one will begin later this month. Many argue that this is partly responsible for the recent surge in the price of bitcoin.

This could result in a new surge of money into bitcoin. Though many investors and chief executives of tech firms have criticized bitcoin, it continued to grow exponentially. Many expect a correction at any time and others even expect a crash but so far every dip has been followed by another rise and a new record high.

For all the interest in bitcoin as an investment, few actually use it as a currency to buy and sell goods.